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Electronic credit ledger vs books of Accounts

soumyavinu (student ca-IPCC) (131 Points)

19 December 2021

Please help me to reconcile gst site electronic credit ledger balance at the end of year with the books of accounts at the end of year.please explain how to reconcile

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Rajendra Prasad (Employee Private) (1824 Points)
Replied 20 December 2021

Each and every month proper entries has to be passed in the Books of Accounts / Accounting Software maintained, for Adjustment of Input Credit against Out put liability and statement has to be maintained for Tax Invoices which has been not disclosed in GSTR 2A / 2B.

Further at the end of year you have to prepare a statement as attached herewith. Various methods will be followed in the industry for reconcile the ITC. I have attached which I have maintained.

Closing balances as per statement has to be matched with Books of Accounts and Electronic Credit Ledger in GST Portal.

Attached File : 1959022 20211220162624 itc reco statement.xlsx downloaded: 384 times

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PRADEEP SINGH PARMAR (MANAGER ACCOUNTS AND FINANCE) (23 Points)
Replied 09 August 2023

Please send GST reconciliation formats like Credit Ledger and Cash Ledger V.S Books of Accounts and other ITC credit book V.s.GSTR 2b recobciliation formats.